family member

Answer: Unfortunately, a cousin is not considered a “family member” per the FHAÂ definition.Â That said, the cousin can be a non-occupying co-borrower, but the LTV will be limited to 75%.Â Please see the full guidelines below regarding non-occupying co-borrower transactions and the definition of a family member. Reference: 4000.1Â II. A. 2. b. ii [...]

Answer: The family member seller can be a non-occupant co-borrower, but the LTV will be limited to 75%.Â See the applicable guidelines below. Reference: 4000.1Â II.A.2.b.ii (B)Â LTV Limitations Based onÂ Non-Occupying Borrower Status (1)Â Definition: AÂ Non-Occupying Borrower Transaction refers to a transaction involving two or more Borrowers in which one or more of the Borrower(s) will not [...]

Answer: The guidelines are clear that the borrower must have been living in the property for six months prior to the sales contract date.Â The guidelines do not have a list of required documents, only that the lender must verify that the borrower must be a tenant of the property in order to exceed the [...]